Monday, May 16, 2022
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By Rekha chauhan
Published 1 hour ago Updated 1 hour ago

Shiba Inu’s (SHIB) price extends the previous sessions downward moment on Saturday. At the press time, SHIB is trading at, down 11% for the day. After a sharp sell-off on NASDAQ, the crypto currency market hit the fresh lower grounds. Market participants are expecting a further continuation of downside momentum, with a possibility of $0.000015.

  • Shiba Inu’s price falls like a pack of cards on Saturday.
  • SHIBA accelerates the selling after US stocks tumble on Friday.
  • A break below the 200 DMA results in a 300% fall in the price.

SHIBA falls more than 30% in the week

Shiba Inu’s (SHIB) price is in shock along with the global financial market following the bearish headwind in the US stock market. Thus highlighting the risk to cryptocurrency due to risk aversion among investors.

SHIB is scrolling down to $0.00001500, a new lower level for the digital currency. This could be the next support level, but with the ongoing negative market sentiment, the price could further breach the level. As the MACD (Moving Average Convergence Divergence) trades below the midline with a bearish crossover. That is supporting the bearish thesis for the pair.

Source: Trading view

However, the formation of a long body Doji on the daily chart indicates buyers are seeking some bottom-buying opportunities near lower levels. The first upside target could be found at the high of January 21 at $0.00002704 in that case.

Another momentum oscillator, the Daily Relative Strength Index (RSI) is trading in the oversold zone. Any uptick in the RSI could help the bulls to pitch for higher levels.

Shiba Inu (SHIB) is down more than 18% in the last 24-hour with volumes gaining 82% according to Coinmarketcap. Thus, strengthening the case for the bears.

Often enough, markets witness an upside momentum after continuous gloomy negative sessions. Traders could come for the bargain buying which would result in a point, where the market is set to revaluate the trades.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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